Topic: People don't want to invest into bitcoin because its a software (Read 2997 times)

ha ha ...My sarcasm detector says there is a 90% chance the poster was being facetious.

The common man's image of bitcoin is strongly influenced by main stream media.  What does MSM like  to report on in regards to bitcoin?  Bubbles, scams, and drugs.  A good news leading headline story about bitcoin is rare.

Besides, the fact that bitcoin is just software sitting on my computer is a major factor working against it.  People know computers are rather good at copying data, so immediately people wonder why they can't just copy as many bitcoins for themselves as they like.  Try to explain how it works and 99% of the population's eyes glaze over.  Try it sometime.

if people aren't investing into bitcoin is because they are used to their regular routines and don't want to try new, and in some aspects better things.
besides bitcoin is not at a stage that makes people want to accept it and as long as investment goes, until the price is so volatile and unpredictable nobody is going to find it a more reliable investment than other things.

Dude everything these days is software. Banks manage your money using "software", which has the potential of all the bugs you mention. The government manages your data using software.

When people invest in some IT company, they are mainly investing in the "software" developed by them.

I mentioned BTC to a State Farm agent the other day while getting an estimate for my car after a hit-and-run.  He's heard of it before through several media sources and articles.  He was completely under the impression of its potential to be hacked, manipulated, etc.  He also had a very difficult time understanding the concept of decentralization.

That is simply what many average, misinformed citizens think.  The State Farm agent was in no way a troll.

And yes, I noticed the OP's addendum clarifying it was a troll post, but that's beside the point.

You raise a good point, joint. However, the original top post just said :


And that's it. And that's a goddamned trollpost. See:


OP since expanded his trollpost it with some putatively honest misgivings. And that's fine.

@ OP, I'll get to your attackers in a second.  But first, it's clear you have fundamental misunderstandings about what actually constitutes a legitimate problem for Bitcoin.  Addressing your most recent concerns:

- Dev's -- even core devs -- making changes even frivolously or carelessly, is a non-issue.  It is software, but it is "open-source" software adopted democratically by miners.  Poor changes will not be adopted, and if they are, its a community issue and not a software one.

- The open-source nature allows anyone capable of reading code to find errors or carelessness.  This is how problems become identified and fixed.  This will not tend towards deterioration.  There are far too many eyes on the code for someone to slip in a major exploit that will go unnoticed.

- Your premise that software is necessarily, "theoretically" hackable is silly.  The nature of software is not that it's hackable "theoretically."  Software is hackable if the code allows it to be.  Good code necessarily and "theoretically" means it is either, entirely hackable, or all hackable exploits are known.

- Competition is "wonderful!"  This is not a bad thing.  Competition --> evolution --> better product.



@Everyone,

The "don't feed the troll" crap is immature, stupid, and reflects a hypocrisy in community mindset akin to, "We need to help everyone understand why this is the greatest technological development since the Internet...except you, because you don't understand it." 

Are there people who troll intentionally?  Yes, of course.  Is it easy to distinguish at face value who is and who is not just a troll?  NO.  Bitcoin is foreign to people.  When I first heard about it, I immediately had all kinds of red flags in mind.  Now, four years later, the knowledge I've gained has eliminated many of those red flags.  But I'm still aware that red flags most certainly do exist, that points of attack and weakness also still exist, and there are numerous, realistic scenarios which still exist that threaten BTC's existence on a daily basis.  To this extent, many devout community members still maintain a form of Mt. Gox Syndrome, but they'll never be aware of it unless/until something happens to change it.  Hindsight is 20/20, and foresight is apparently underrated.

There are people here who block others for the sole reason that they believe Bitcoin will ultimately fail.  Yeah...that really helps adoption 

people don't want to invest in bitcoin because:
they never heard of bitcoin and think it is a nerd thing
they heard about it, didn't understand it and thought it might be scam
they have read MasterCard talk about bitcoin

Finally! An intelligent reply!
I have thought the same way that someone should start developing new education centers for bitcoin. Parents could take their young children to these education centers, so that they could get PROPER early education regarding bitcoin. If we would be living in true FREEDOM, then there would be laws that would prohibit spreading WRONG information about bitcoin. Everyone who spreads WRONG information about bitcoin should be educated by force, so they wouldn't be this STUPID any longer. But we live in a world that is run by banksters, so there are no laws against this stupidity!!!

the hate comes from people who fail to comprehend that bitcoin is unlike anything seen before. In time, they will be educated.

Umm the level of security on bitcoin is good.

Its just the third parties like blockchain or some problems not setting up a 2fa security is the main with most.

You need to do a homework. Is all on this forum. Block chain cant get hacked and cant be wrong and is indestructible.
People dont need to invest.They will just use services that will be best for them.
Companies will invest in software around block chain. And hope those software will not get hacked, since on that will base their profit.

my point was to say that, unlike gold, bitcoin as a software raises some issues :

- the code is written by humans who can make mistakes
- the code is written by a few people whose interests can be corrupted
- as a software, it is indeed hackable, theoraticcaly
- i mean come on, just look at all the mess the gavin's proposal for a fork is creating.

Like it or not, the fact that bitcoin is a software HAS some importance, and gives bitcoin some ACTUAL problems.

This fork thing, added to the 7 transactions limitation and the blockchain size, had me removing my investment in bitcoin. And tat's sad to say.

at first i also posted that this is a nonsense thread, but the dude simply doesn't understand how bitcoin works. i'm sure if he get to know bitcoin better he then realize how bad this thread is.

you had somehow hacked brain or something? this is one of the most stupid thread which I ever seen..

the one that say this is because

they got burned at 1200k

they can't understand bitcoin

they still think that it it a scam

just another bullshit excuse to dismiss bitcoin

People with this kind of thinking will end up having nothing. In life, you win some, you lose some. You don't always win. Investing is also gambling. You can't always get profit. And bitcoin is investment so I won't look at it as bullcrap.

There is a chance of this happening. A wealthy individual with a gambling problem could cause another rise to 1k$ for instance.
But the odds of this happening are just bad. In my judgement, playing with bitcoin is just a bad bet.
The bitcoin network is wasteful and bloated, so it's eating value out of the market. The bitcoin market has to have at least 3600 btc worth of fiat coming in every day for the price to be sustainable. What the key players in the bitcoin market (the exhanges) don't share with you, is that currently there is very little new money coming in and the price can only be sustained by miners operating at a loss. Considering that most of the business plans in mining were based on debt, then to me it's only logical to conclude that the bitcoin mining scenery will soon face a catastrophic collapse, with the involved companies going bankrupt and all hoarded coins dumped on the market.
The only real chance that bitcoin had, was around 14 months ago. Bitcoin would have recovered if the drops would have been deeper and the price would have stayed there longer. It would have cooled down the overheating of bitcoin mining, that's practically a monkey on the markets weak back. But the amateurish "to the moon" attitude tried to jumpstart new bubbles out of nothing, and by that fueled more needless optimism to the mining scenery. Now bitcoin is in a position where time will only add weight to this final collapse that the overheating in mining will cause.


A pyramid scheme and a ponzi scheme are different animals if you know what you're talking about.
For instance bitcoin is a pyramid scheme by it's characteristics, and it can also be a ponzi if things turn out accordingly.

1) Bitcoin is a Ponzi scheme when one day Satoshi will dump 1mil.+ coins to the market, and by that would eat out all the wealth from the market.
2) Bitcoin will stay only a pyramid scheme if that won't happen.

Pyramid schemes are open by nature and things are as they seem - new members joining the pyramid will make older members of the pyramid rich. The main attraction to join the pyramid will be hopes of more people joining after you. There are no direct lies or deception about the nature of the system. To put it simply, it's honest about being a pyramid.
Ponzi in another hand is fraudulent by nature. The claimed rules and goals are deceptive. It's main attraction are straight out lies about it's mechanics and goals.

To sum it up, bitcoin is a pyramid scheme and only time will tell if it will also turn out to be a ponzi.

No kidding, so many people have been burned in recent times that they haven't the foggiest clue/idea about how bull markets work. Things get out of hand on the upward flip in such a large way and times are soon a changing.

It's numb nuts again, standard naming onself protocol. Do not waste your time with the fraudulent.